Central Bank of Nigeria maintains loaning rate at 11.5%

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate at 11.5 per cent.

The CBN Governor, Godwin Emefiele, on Tuesday, announced this after the two-day meeting of the committee in Abuja.

It also maintained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent accordingly.

Emefiele clarified that MPC members were of the opinion that given that the exit of the nation from recession was delicate, any decision to stiffen may alter the delicate recovery and return the nation back to recession.

Consequently, the CBN Governor stated that the concession among the members of MPC was that given that the inflation was significantly a supply side factor, there was need to keep on focusing on the merger of recovery process by making those moves that would keep on stimulating growth in output and job creation.

He further said that, simultaneously, it must focus on measures to lessen inflationary pressure utilising the recent administrative measures being approved by the bank in regulating monetary aggregates in the banking sector.

The Central Bank of Nigeria (CBN) is the apex monetary authority of Nigeria established by the CBN Act of 1958 and started operations on July 1, 1959.

Its vision is to be the model central bank delivering price and financial system stability and promoting sustainable economic development.

CBN’s mission is to be proactive in providing a stable framework for the economic development of Nigeria, through effective, efficient, and transparent implementation of monetary and exchange rate policy, and management of the financial sector.

The core values of Central Bank of Nigeria are meritocracy, leadership; learning and customer-focus which will guide the behavior of both management and employees of CBN towards the achievement of its vision.

The Governor of the Central Bank of Nigeria is Godwin Emefiele.